Finance Calculator
Housing Deposit
Calculate how much you need to save for your home down payment and create a savings plan.
Property Details
Home Price
$
Down Payment %
%
Current Savings
$
Monthly Savings
$/mo
Savings Interest Rate
% APY
Your Savings Plan
$80,000
Required Down Payment
20% of $400,000
Time to Goal
28 months
Remaining
$55,000
Interest Earned
$3,200
Progress to Down Payment
$25,000 / $80,000
Savings Timeline Scenarios
37 mo
Saving $1,500/mo
28 mo
Saving $2,000/mo
19 mo
Saving $3,000/mo
Loan Amount
$320,000
Closing Costs (Est.)
$12,000
Total Cash Needed
$92,000
Goal Date
Mar 2028
Understanding Down Payments
Your down payment is the upfront cash you pay toward a home purchase. A larger down payment means a smaller mortgage, lower monthly payments, and often better interest rates.
- 3-5%: FHA/conventional minimum – requires PMI
- 10%: Good balance of savings and loan terms
- 20%: Avoids PMI, best rates, strongest offers
PMI Explained
Private Mortgage Insurance (PMI) protects lenders when you put less than 20% down. PMI typically costs 0.5-1% of the loan annually.
- On a $320,000 loan: $133-267/month in PMI
- PMI can be removed once you reach 20% equity
- Some lenders offer lender-paid PMI with higher rates
Saving Strategies
- Use a high-yield savings account (4-5% APY)
- Set up automatic monthly transfers
- Cut major expenses: dining, subscriptions, vacations
- Consider a side income specifically for your deposit
- Look into first-time homebuyer programs in your area
Additional Costs
- Closing costs: 2-5% of purchase price
- Home inspection: $300-500
- Moving expenses: $1,000-5,000
- Emergency fund: Keep 3-6 months expenses separate
- Don’t drain all savings – keep reserves for repairs